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It has made a steady progress towards the establishment of a multilateral system of payment in respect of current transactions.PreserveArticles.com is an online article publishing site that helps you to submit your knowledge so that it may be preserved for eternity. IMF performs the following functions. (v) Advising member countries on economic, monetary and technical matters.The IMF has shown great interest in the economic development of under development countries. These are: granting of credit to member countries in the midst of temporary balance of payments deficits, survei­llance over the monetary and exchange rate policy of member countries, issuing policy recommen­dations. It has followed a week policy in the fixation of exchange rate. If all counties are students, then IMF is a teacher. Again for according accumulation of less demand currencies with the Fund, the borrowing countries are directed to repurchase their own currencies by repaying its loans in convertible currencies.IMF enforces the system of determination of par values of the currencies of the members countries. Nearly all members of the United Nations are members of the IMF with a few exceptions such as Cuba, Lichtenstein and Andorra.The IMF is financed by member countries who contribute funds on joining.

The IMF has three main functions: overseeing economic development, lending, and capacity development. What is IMF? The IMF has promoted exchange rate stability and expansion of world trade.It has been charged as being partial to developed countries and not helping adequately the under developed countries. The UK has 4% of IMF Voting rights. See this way. SDRs are defined in terms of a basket of major currencies including Euro, Pound Sterling, Japanese yen and US Dollar.The International Monetary Fund is a global organisation founded in 1944 in the post-war economic settlement which included the Bretton-Woods system of managed exchange rates. The IMF can also ask its member countries for more money. (iv) Promoting orderly adjustment of exchange rates.The ADB was established by Asian countries to foster the economic growth and coopera­tion in the region of Asia and the Far East, including the South Pacific. It advises its members on how to improve their economies. To help deal with balance of payments adjustment; Help deal with economic crisis by providing international coordination – loans, plus advice. Through this system, the IMF reviews the policies, economic and financial development of member countries to maintain stability in the international monetary system. Promote exchange rate stability. As per the Original Articles of Agreement of the IMF every member country must declare the par value of its currency in terms of gold or US dollars. It helps member countries improve their balance of payments (BOP) through adequate liquidity in the international market, promotes an increase in global monetary cooperation. HISTORY The International Monetary Fund was conceived in July 1944 originally with 45 members and came into existence in December 1945 when 29 countries signed the agreement.